Sep 23 2024: UK Finance Minister Rachel Reeves vowed on Monday that there would be no return to austerity or widespread cuts, despite facing a challenging economic outlook and a significant budget deficit. Reeves emphasized her commitment to fostering long-term growth while addressing the economic challenges left by the previous Conservative government. Speaking ahead of a keynote speech at the Labour Party conference in Liverpool, Reeves adopted a more optimistic tone, stating, “I have never been so optimistic about Britain’s future.” She acknowledged that tough decisions would be necessary, including tax rises to address a £22 billion ($29 billion) gap in…
Author: editor2
Sep 23 2024: The U.S. dollar gained ground on Monday, recovering from last week’s one-year low, while weak economic data from Europe pressured the euro. At 04:15 ET (08:15 GMT), the U.S. Dollar Index, which measures the dollar against six major currencies, climbed 0.5% to 100.925, moving away from its recent 12-month low. Dollar Eyes PCE Data Release The U.S. dollar has stabilized following last week’s Federal Reserve rate cut, with traders becoming more optimistic about the U.S. economy avoiding a recession. According to analysts at ING, investors seem confident in the “soft landing” narrative proposed by Fed Chair Jerome Powell,…
Sep 23 2024: Oil prices rose slightly on Monday, supported by last week’s U.S. interest rate cut and a decrease in U.S. crude supply following Hurricane Francine, despite weaker demand from China, the world’s largest oil importer. Brent crude futures for November increased by 14 cents, or 0.19%, to $74.63 a barrel by 0815 GMT, while U.S. crude futures for November rose 16 cents, or 0.23%, to $71.16 a barrel. Both contracts posted their second consecutive weekly gains last week, after the U.S. Federal Reserve made a larger-than-expected interest rate cut of half a percentage point, lowering borrowing costs and boosting…
Sep 23 2024: Bitcoin surged to a one-month high on Monday, continuing its gains from last week as traders reacted positively to an interest rate cut by the Federal Reserve, with additional key economic cues expected later this week. The cryptocurrency rose 1.3%, reaching $63,932.1 by 00:58 ET (04:58 GMT), marking a breakout from the $50,000 to $60,000 range it had been trading in for most of the year. Bitcoin Strengthens Amid Rate Cut Hopes Bitcoin outpaced much of the broader crypto market as optimism remained high ahead of more signals on U.S. interest rates and economic conditions. Traders are keeping…
Sep 23 2024: Indonesia’s stock market saw an upward trend on Monday, with the IDX Composite Index climbing 0.22%, boosted by gains in the Financials, Agriculture, and Basic Industry sectors. At the close in Jakarta, the IDX Composite Index recorded a 0.22% increase. Top performers of the session included Megapolitan Developments Tbk (JK), which surged 34.51% or 39.00 points, closing at 152.00. Bumi Teknokultura Unggul Tbk (JK) gained 33.33% or 1.00 point to finish at 4.00, while Bank Ganesha Tbk PT (JK) rose 24.62% or 16.00 points to 81.00 in late trading. On the downside, Barito Renewables Energy PT Tbk (JK)…
Sep 19 2024: The Bank of England (BoE) is expected to keep interest rates unchanged on Thursday as it monitors inflation risks, shifting attention to its bond sales strategy, which could influence Finance Minister Rachel Reeves’ first budget. In August, British inflation remained steady but accelerated in the services sector, a key focus for the BoE. This has led forecasters to believe that interest rates in the UK will fall more gradually than in the U.S. and the eurozone. On Wednesday, the U.S. Federal Reserve made a substantial half-percentage-point rate cut, signaling confidence in controlling inflation, according to Chair Jerome Powell.…
Sep 19 2024: The U.S. dollar edged higher on Thursday, recovering from a more than one-year low after the Federal Reserve delivered a substantial interest rate cut. Meanwhile, sterling strengthened ahead of the Bank of England’s policy-setting meeting. As of 04:25 ET (08:25 GMT), the Dollar Index, which measures the greenback against a basket of six major currencies, rose 0.1% to 100.410. This followed a dip to its lowest level in over 12 months in the previous session. Traders are now awaiting the release of U.S. weekly jobless claims data for further insights into the health of the labor market. Sterling…
Sep 19 2024: Oil prices increased on Thursday after the U.S. Federal Reserve enacted a significant interest rate cut. However, Brent crude remained near its lowest levels of the year, hovering below $75 per barrel, due to ongoing concerns about weaker global demand. Brent crude futures for November gained 81 cents, or 1.1%, reaching $74.46 a barrel by 0750 GMT, while WTI crude futures for October also rose by 1.1%, up 75 cents to $71.66 a barrel. Both benchmarks recovered after experiencing declines in early Asian trading. The U.S. Federal Reserve cut interest rates by half a percentage point on Wednesday.…
Sep 19 2024: Bitcoin’s price surged on Thursday after the Federal Reserve implemented a significant interest rate cut, signaling the start of an easing cycle. However, further gains were limited due to a less dovish outlook from the central bank. The world’s largest cryptocurrency rose by 2.9%, reaching $61,985 by 01:41 ET (05:41 GMT), and briefly peaked at $62,539.8. This marked a breakout from the $50,000 to $60,000 trading range that Bitcoin had been in for much of the year, though it remains uncertain if the price surge will be sustained. While lower interest rates typically benefit high-risk assets like cryptocurrencies,…
Sep 19 2024: Shares of Allegro (WA: ALEP) declined on Thursday after the company issued a forecast predicting slower earnings growth for the third quarter of 2024. By 5:12 am (0912 GMT), the stock had dropped 7.8%, trading at PLN 35.70. Allegro now expects Polish GMV (Gross Merchandise Value) growth to ease to 10-11%, falling below the consensus estimate of 12%. Revenue growth in Poland is also forecasted to range between 16-18%, missing the 19% anticipated by analysts. Additionally, adjusted EBITDA growth in Poland is expected to slow to 11-13%, significantly underperforming the 15% market expectation. At the consolidated level, Allegro…
